Pumpfun (PUMP) Price Near $0.00317 After 104.7% August Surge

Pumpfun (PUMP) has approached the $0.00317 support level following a 29.5% decline from its August peak. The price surged 104.7% during the second half of August before entering a correction phase, according to AMBCrypto, which reported that PUMP rose from $0.00265 to $0.00543 before trading at $0.0038 at the time of writing.

The decline comes amid Bitcoin (BTC) weakness, with BTC facing selling pressure around the $82,000 level and causing reduced momentum in the altcoin market over the past two to three weeks. A token unlock also contributed to supply pressure, as approximately $25 million (KRW 34.3 billion) of PUMP became available on September 12. This amount represents 1.47% of monthly supply under a cliff unlock schedule, with vesting ending in June 2029.

PUMP price had been range-bound and declining from March to July before rising in August, breaking above the 20-week moving average and increasing volatility. The $0.00217 level served as resistance prior to the recent rise, while the current price nears the $0.00317 support that has acted as a floor since June 25, when it dropped to $0.00115 before rebounding.

Indicators show mixed signals: the Chaikin Money Flow (CMF) hit -0.19, the lowest since May, and the Awesome Oscillator showed bearish crossover, reflecting recent correction and momentum shifts without predicting future trends. On a 4-hour chart, the 78.6% Fibonacci retracement level at $0.00325 overlaps with the $0.00317 support, creating a potential short-term support zone. The $0.00375–$0.004 area is seen as resistance where selling pressure may halt further gains.

AMBCrypto noted that if PUMP falls below $0.00317, the upward trend could weaken, and a drop under $0.00265 might indicate a bearish reversal. The token, associated with Solana's meme coin issuance platform, is prone to high volatility based on market sentiment and supply changes.